What’s up guys!
Are you staying cool in this Sydney heat? 41 degrees yo – that’s some serious warmth.
Not looking forward to heading back to work tomorrow in this weather – but I am pumped to get back into it!
Two weeks flew by and so much has happened since the break started.
What happened since then?
We live in exciting times I have to admit, with Cryptocurrency mania well and truly gripping the mainstream.
I told you guys last time that this year I’m going to dedicate more time to research Cryptocurrencies and the blockchain, but seems like I didn’t have to go very far.
Practically every conversation I’ve had in the last two weeks has involved some discussion of Cryptocurrency.
I’m even seeing people who were complete non-believers of Cryptocurrency do a 180 and participating in this manic boom.
Is it a bubble? Will it burst? When will it burst? HOW LONG DO I HAVE TO GET RICH?
Whoa, steady on there cowboy. How do I know, I’m just a humble blogger.
But what I can tell you is that I see 4 main comparisons with the current Cryptoboom and the dotcom bubble of 2000.
Valuation – what valuation?
Exactly. How do you value a Cryptoasset? I haven’t figured that out despite plenty of people trying to explain.
It’s very much similar to the dotcom craze where prices of anything and everything listed with a “.com” went through the roof.
At face value, the gains are very much speculative in nature with only promises and slick website marketing to back it up.
When company shares from a long island iced tea maker rises 289% after rebranding as a blockchain investor, you know something is up.
A popular and easy strategy for more and more micro-cap listed companies is to re-name their company into one associated with the blockchain, doesn’t matter which industry you were involved in before.
Sports bras, fruit juice, Chinese tea – who cares what they do, does the company name have the word block or chain or preferably both?
Remember what happened during the dotcom boom? Whack an internet sounding name for your firm, and watch the shares fly…
Talk is everywhere.
Seriously, Crypto talk is everywhere.
I don’t know about you but in the last month especially, I overhear more discussions about Cryptocurrency on public transport, in restaurants, on the streets, in dark and dangerous places – everywhere.
Even some of my parent’s friends are involved – 60 year old bad ass KrYpt0Tr4D3z.
When I head back to work tomorrow, I’m expecting some Crypto-chatter around the water cooler for sure.
You’re starting to hear more and more success stories.
Just this past week, a very good friend of mine disclosed he’s made about USD500k, yes $500,000 trading coins since August. That’s five freaking months.
Thanks for paying for our wedding KD! Haha jokes jokes, thanks for paying for the wedding AND honeymoon.
I met up with another friend the week previous, he showed me his blockfolio as we waited for his haircut (french crop with a short trim on the side), it was sitting around $30k… fast forward 2 weeks… $150k…
You know what – that would be small change compared to some of the people you guys know.
But it’s nothing compared to the stories THIS guy tells about the dotcom days.
What about the future?
No one knows – this boom could pop today, tomorrow, next week, month, year, who knows!
At the height of the dotcom boom in March 2000, the NASDAQ was sitting at a market capitalisation of $6.6 trillion.
The total market cap for cryptocurrency is just over $800 billion at time of writing and increasing at a ridiculous rate. It was $350 billion a month ago and money is pouring in.
FOMO yo, believe.
The question is though, if the cryptoboom is dotcom 2.0 – how high can it go?
What do you think? Did you enjoy this post? Please help me out if you enjoyed this and click on the little “follow” button at the bottom right and be a follower. This way, you’ll never miss my words of awesomeness!
P.S. Look out for TheFrugalSamuraiCoin ICO coming out soon!
P.S.S. This post is absolutely not financial advice, do your own research please. You must be very kind to believe my words at face value, do I have that much power over you? If yes, please message me for details on where to send your dollar now!
Let’s put aside whether you are a believer or a non-believer for a moment – the biggest challenge right now is figuring out the contenders vs. pretenders… i.e. “coins” that will last the distance versus utter dog shit wrapped in exotic perfume infused, gold coated gift wrapping.
The Frugal Samurai
Ah yeah – it’s even more difficult right now because none of the coins or firms behind the coins have revealed anything tangible, no financials, no figures, diddly squat – I don’t think the majority of people are concerned but with “easy” money to be made, certainly very exciting!